HSBC initiated coverage on Entergy Corp. (NYSE: ETR) with a Buy rating and a $123.50 price target. The bank cited the utility’s growth prospects, driven in large part by rising data center demand.
HSBC forecasts Entergy’s rate base will grow at a 16% compound annual rate from 2026 to 2030. It projects 10% annual rate-base growth from 2030 to 2035.
The bank expects earnings per share to grow 13% annually through 2030. It estimates that about 60% of demand growth by 2030 will come from Louisiana.